Never fear. When his tax returns come out later this spring, someone will be ripping him a new one for taking the write-off.

code3retrievers

03-12-2010, 09:20 AM

Wow, a dem giving to charity, it's about time one of them did.

I'm happy he can take the deduction although under his administration I suspect it will not be as large of write off.

mjh345

03-12-2010, 10:00 AM

Why wait until spring Buzz; it appears Code3 has jumped the gun

WRL

03-12-2010, 10:13 AM

My understanding is, that while in office he can't accept any "outside" money.

So maybe its not really him.

WRL

YardleyLabs

03-12-2010, 10:55 AM

My understanding is, that while in office he can't accept any "outside" money.

So maybe its not really him.

WRL
Actually, Presidents are not covered by restrictions on outside income beyond not being permitted to accept payment for performance of their official duties and generally accepted restrictions suggesting that investments be maintained in blind trusts so their is no appearance of conflict. He announced his intention to give the money to charity when the award was announced. However, he would have been fully entitled to keep it.

luvmylabs23139

03-12-2010, 01:12 PM

By law he could not keep it since he is the CURRENT President.

YardleyLabs

03-12-2010, 01:41 PM

By law he could not keep it since he is the CURRENT President.
I'm not sure where you are finding that. The President is explicitly not covered by the income restrictions that apply to members of Congress and virtually every President and Vice President has had substantial sources of income other than their salary, including book royalties, deferred compensation payments from government contractors, dividend and capital gain incomes, and even substantial gifts (e.g. Reagan received and accepted a $2.5 million house as a gift from a private individual while he was President). Presidents are restricted in their acceptance of gifts from foreign governments, but are not restricted on their acceptance of "domestic" gits which include gifts from all non-governmental sources. Presumably that would include the Nobel Prize, which is not a governmental award.